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Internet Implication On The Music Industry: Can Businesses Take Advantage Of The New Developments In Technology?

1862 words - 7 pages

Internet implication on the music industry: Can businesses take advantage of the new developments in technology?In the last decades, advances in the speed and functionality of the communications infrastructure have made information more accessible to everyone. Particularly, the Internet is regarded as a cheap and quick way to distribute multimedia information. Since 1993 the Internet has grown at an exponential rate. Surveys show that the number of host computers connected to the internet increased from 1.3 million to 6.6 million between January and July 1995 (Network-Wizards, 1995). The Internet poses new opportunities and threats to businesses; as some firms use the internet to improve innovation, production, sales and service processes (Porter, 2001). It has been shown that this new technology will reduce transaction costs and this will lead to a growth in the electronic commerce and productivity. At the same time this will reduce profit opportunities of inefficient firms, requiring them to re-focus their strategies.This essay will be discussing the implication of the Internet on the music industry as it is a major subject nowadays because it involves everyone in a certain way. Most of the population in the world use the Internet today, for their own personal use; it also represents an inexpensive and immediate way to distribute information goods and services. This essay will look at some relevant examples and will be giving some recommendations concerning on how to take advantage of the new developments in the music industry.The internet undermine the profitability of industries so in many sectors, the potential of the internet is enormous (Worthington and Britton, 2006: 156). The average profitability is under pressure, such a situation s being faced by the music industry. By "Internet implication" we refer to the impact that electronic networks have on businesses when they are used by people through computers and other digital devices, allowing person to person free communication and information retrieval.Music, video and all sorts of services would have a large impact on businesses as we know them today. Music is one of the most complex and profitable industries, with an estimated $3 billion profit in 1998, it may not seem a good industry for a small entrepreneur with few connections (maniactools.com). It involves a large number of people, however only the top 15 percent of the music industry makes money, while the other 85 per cent loses money. In fact six major companies dominate the music industry, largely controlling the distribution and marketing channels (Bertelsmann, EMI-capitol, Universal, Polygram, Sony Music, and Warner Music). Authors, producers, studios, agents, manufacturers, distributors, graphic artists, engineers, lawyers, managers and touring agencies are just some of the elements involved in the music industry that want to make money from it. The Business environment, in which this industry operates, is changing...

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